Comments on: Reason Codes: What They Mean for My Credit Score – Episode #109 http://www.videocreditscore.com/reason-codes-my-credit-score/ Mon, 26 Jul 2010 01:04:39 +0000 http://wordpress.org/?v=2.9.2 hourly 1 By: VideoCreditScore-Andy http://www.videocreditscore.com/reason-codes-my-credit-score/#comment-1244 VideoCreditScore-Andy Mon, 26 Jul 2010 01:04:39 +0000 http://www.videocreditscore.com/?p=1761#comment-1244 A 60% CUR or credit utilization ratio is probably hurting you the most. Lots of people without mortgage history have 800+ credit scores. Check out this post on <a href="http://www.videocreditscore.com/credit-score-factors-pie/" rel="nofollow">credit score factors</a>. Amounts owed is a critical factor, so you know what's next. You need to figure out how to lower your CUR. That will help you get your score back up. One strategy I do is to pay off credit cards 2x per month vs. once. Essentially matching the payments to when I get paid helps lower the debt load reported. Keep at it and your score will be back over 700 in no time. A 60% CUR or credit utilization ratio is probably hurting you the most. Lots of people without mortgage history have 800+ credit scores. Check out this post on credit score factors. Amounts owed is a critical factor, so you know what’s next. You need to figure out how to lower your CUR. That will help you get your score back up. One strategy I do is to pay off credit cards 2x per month vs. once. Essentially matching the payments to when I get paid helps lower the debt load reported. Keep at it and your score will be back over 700 in no time.

]]> By: Myles http://www.videocreditscore.com/reason-codes-my-credit-score/#comment-1240 Myles Sat, 17 Jul 2010 16:35:51 +0000 http://www.videocreditscore.com/?p=1761#comment-1240 My transunion score dropped to 618, (reason 46 "Lack of satisfactory morgage history) I paid off a mortgage about 12 yrs ago, and am a disabled single guy with no need to own another house. My debt to credit ratio is a bit high (60%), probably too many accounts with balances, but have not ever paid late or missed payments and am presently paying amounts sufficient to pay off all the accounts within the next 2,5 yrs.. there is absolutly NO derrogatory history on my record. Am am not chrging ANYTHING more to the accountsm, as I am determined to free myself from these pirates. However, the low score increases the amount I pay for insurance, car loans, etc. and makes it more difficult to lease exceptable places to live. Given the brief history stated above, shouldn't my score be close to 700? My transunion score dropped to 618, (reason 46 “Lack of satisfactory morgage history) I paid off a mortgage about 12 yrs ago, and am a disabled single guy with no need to own another house. My debt to credit ratio is a bit high (60%), probably too many accounts with balances, but have not ever paid late or missed payments and am presently paying amounts sufficient to pay off all the accounts within the next 2,5 yrs.. there is absolutly NO derrogatory history on my record. Am am not chrging ANYTHING more to the accountsm, as I am determined to free myself from these pirates. However, the low score increases the amount I pay for insurance, car loans, etc. and makes it more difficult to lease exceptable places to live. Given the brief history stated above, shouldn’t my score be close to 700?

]]> By: VideoCreditScore-Andy http://www.videocreditscore.com/reason-codes-my-credit-score/#comment-1139 VideoCreditScore-Andy Tue, 09 Feb 2010 23:04:12 +0000 http://www.videocreditscore.com/?p=1761#comment-1139 I haven't heard of a debt to loan amount on the mortgage side for an ideal credit score. I do know that once you pay it off in full, your score will jump again. I'd just let time take care of this. I haven’t heard of a debt to loan amount on the mortgage side for an ideal credit score. I do know that once you pay it off in full, your score will jump again. I’d just let time take care of this.

]]> By: David http://www.videocreditscore.com/reason-codes-my-credit-score/#comment-1138 David Tue, 09 Feb 2010 22:57:05 +0000 http://www.videocreditscore.com/?p=1761#comment-1138 Thanks for the prompt response! I've heard similar reasoning in regards to credit being tight, but I always figured I'd be a prime safe decision for a lender based on income, cash reserves and lack of debt outside of said mortgage. I have a credit card that is perfectly acceptable, I was just looking to add some arsenal that would better suit me in regards to rewards/returns. The upside of buying down my loan just isn't there for me right now, so it's probably a path I'm not going to go down at the moment, but out of curiosity, is there a general percentage of debt to loan amount that I would be looking to target? I've heard to keep it below 80% at very least, but I don't know if that number holds water for any reason. Thanks for the prompt response! I’ve heard similar reasoning in regards to credit being tight, but I always figured I’d be a prime safe decision for a lender based on income, cash reserves and lack of debt outside of said mortgage. I have a credit card that is perfectly acceptable, I was just looking to add some arsenal that would better suit me in regards to rewards/returns. The upside of buying down my loan just isn’t there for me right now, so it’s probably a path I’m not going to go down at the moment, but out of curiosity, is there a general percentage of debt to loan amount that I would be looking to target? I’ve heard to keep it below 80% at very least, but I don’t know if that number holds water for any reason.

]]> By: VideoCreditScore-Andy http://www.videocreditscore.com/reason-codes-my-credit-score/#comment-1137 VideoCreditScore-Andy Tue, 09 Feb 2010 21:40:15 +0000 http://www.videocreditscore.com/?p=1761#comment-1137 This may not really be the reason you can't get a credit card right now. The banks are just really tight with handing out new credit. I wouldn't pay this down just to get a credit card. Perhaps consider using debit cards for 6 months and reapplying. Also, did you apply for a credit card from the same bank you have your savings/checking accounts? We have returned to the age where relationships matter and you may get an approval there. This may not really be the reason you can’t get a credit card right now. The banks are just really tight with handing out new credit. I wouldn’t pay this down just to get a credit card. Perhaps consider using debit cards for 6 months and reapplying. Also, did you apply for a credit card from the same bank you have your savings/checking accounts? We have returned to the age where relationships matter and you may get an approval there.

]]> By: David http://www.videocreditscore.com/reason-codes-my-credit-score/#comment-1136 David Tue, 09 Feb 2010 21:34:49 +0000 http://www.videocreditscore.com/?p=1761#comment-1136 Hey Andy, to your last point, I also live in California and get the same response for my mortgage. My score is around the 800 mark, so I'm not terribly disappointed with that, but I can't seem to get a credit card right now because if it. What percentage of my loan do I have to buy down in order to remove myself from this bucket? I have cash on hand that I could buy down the loan with, but I'm not sure whether or not that's really worth it at this point just to get a credit card that better suits my needs. Thoughts? Hey Andy, to your last point, I also live in California and get the same response for my mortgage. My score is around the 800 mark, so I’m not terribly disappointed with that, but I can’t seem to get a credit card right now because if it. What percentage of my loan do I have to buy down in order to remove myself from this bucket? I have cash on hand that I could buy down the loan with, but I’m not sure whether or not that’s really worth it at this point just to get a credit card that better suits my needs. Thoughts?

]]> By: VideoCreditScore-Andy http://www.videocreditscore.com/reason-codes-my-credit-score/#comment-1113 VideoCreditScore-Andy Fri, 11 Dec 2009 20:12:02 +0000 http://www.videocreditscore.com/?p=1761#comment-1113 Credit scores can't see how much you have in the bank. If you mortgage is high at all, you get this code. I get it for living/owning in California. No way to get rid of it until you pay down your mortgage significantly. It doesn't usually weigh heavily on the score. Credit scores can’t see how much you have in the bank. If you mortgage is high at all, you get this code. I get it for living/owning in California. No way to get rid of it until you pay down your mortgage significantly. It doesn’t usually weigh heavily on the score.

]]> By: Paul http://www.videocreditscore.com/reason-codes-my-credit-score/#comment-1112 Paul Thu, 10 Dec 2009 22:32:18 +0000 http://www.videocreditscore.com/?p=1761#comment-1112 My credit scores from Equifax, Experian etc. show a code of amount owed on accounts is too high. I don't have any debt besides my mortgage which is low. No car payments, credit card debt etc. I pay off all of my balances every month and I have more cash in the bank that what I owe on my mortgage. What gives? My credit scores from Equifax, Experian etc. show a code of amount owed on accounts is too high. I don’t have any debt besides my mortgage which is low. No car payments, credit card debt etc. I pay off all of my balances every month and I have more cash in the bank that what I owe on my mortgage. What gives?

]]> By: VideoCreditScore-Andy http://www.videocreditscore.com/reason-codes-my-credit-score/#comment-1098 VideoCreditScore-Andy Tue, 24 Nov 2009 04:28:40 +0000 http://www.videocreditscore.com/?p=1761#comment-1098 Haven't seen that one. Is there a code number? Can you scan it and email it me at info {at] videocreditscore.com? Note there are positive and negative reason codes so we should make sure these are negative codes. Haven’t seen that one. Is there a code number? Can you scan it and email it me at info {at] videocreditscore.com? Note there are positive and negative reason codes so we should make sure these are negative codes.

]]> By: Alexander http://www.videocreditscore.com/reason-codes-my-credit-score/#comment-1097 Alexander Tue, 24 Nov 2009 00:52:06 +0000 http://www.videocreditscore.com/?p=1761#comment-1097 Received a rejection letter today from Capital One, with a code that isn't in the above list: New account balances are too low (Equifax). PS: The last time I opened a credit card was in October of 2008. My FICO score on Equifax was 774 as of last week. Received a rejection letter today from Capital One, with a code that isn’t in the above list:

New account balances are too low (Equifax).

PS: The last time I opened a credit card was in October of 2008. My FICO score on Equifax was 774 as of last week.

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